201302390 - Laserfiche WebLink

Browse

201302390 n. Materially change any unit configurations or change the number of units in the Mortgaged Property. VII. ENFORCEMENT a. Any failure by Borrower to comply with any of the provisions of this Agreement; c. The commencement of a forfeiture action or proceeding, whether civil or criminal, which, in HUD's reasonable judgment, could result in a forfeiture of the Mortgaged Property or otherwise materially impair HUD's interest in the Mortgaged Property. 38. DECLARATION OF DEFAULT. b. Upon any Declaration of Default HUD may: 23 37. VIOLATION OF AGREEMENT. The occurrence of any one or more of the following shall constitute a "Violation" under this Agreement: b. Any fraud or material misrepresentation or material omission by Borrower, any of its officers, directors, trustees, general partners, members, managers or managing agent in connection with (1) any financial statement, rent roll or other report or information provided to HUD during the term of this Agreement or (2) any request for HUD's consent to any proposed action, including a request for disbursement of funds from any restricted account for which HUD's prior written approval is required; and /or a. At any time during the existence of a Violation, HUD may give written Notice of the Violation to Borrower, by registered or certified mail, addressed to the addresses stated in this Agreement, or such other addresses as may subsequently, upon appropriate written Notice to HUD, be designated by Borrower as its legal business address. If, after receiving written Notice of a Violation, that Violation is not corrected to the satisfaction of HUD either within thirty (30) days after the date Notice is mailed, or within such shorter or longer time set forth in said Notice, HUD may declare a default under this Agreement without further Notice. Alternatively, in order to protect the health and safety of the tenants, HUD may declare a default at any time during the existence of a Violation without providing prior written Notice of the Violation. i. If HUD holds the Note, declare the whole of said Indebtedness immediately due and payable and then proceed with the foreclosure of the Security Instrument; ii. If said Note is not held by HUD, notify the holder of the Note of such default and request the holder to declare a default under the Note and Security Instrument, and the Previous editions are obsolete; Regulatory Agreement HUD- 92466M (Rev. 04/11) Replaces form HUD -92466 (11/02)